Supply agreement enhanced to include new non-combustible insulation product
LUDWIGSHAFEN, GERMANY and NORTHBOROUGH, MA, April 3, 2019 – BASF SE (“BASF”) and Aspen Aerogels, Inc. (“Aspen”) announced today the expansion of their strategic partnership with the signing of an addendum to their exclusive supply agreement. The addendum provides for the production and supply of a new non-combustible, high-performance thermal insulation product. The new product, complimentary to SLENTEX®, is showing excellent performance in early testing with lead customers.
SLENTEX®, available today, represents the cutting edge of non-combustible thermal insulation technology with its unique combination of industry-leading thermal performance and a non-combustible fire rating. SLENTEX®, was developed for unique applications in the building and construction sector, including façade systems, thermal bridges and transition areas, while the new insulation product will also target broader applications beyond the construction industry.
As part of the agreement, Aspen has received a second tranche of prepayment from BASF which will be used to support product optimization and new process development. BASF receives exclusive rights to market the newly developed product.
“When we announced our joint development agreement with BASF in 2016, we had a collective vision to create innovative and exceptional products. Our partnership with BASF has exceeded our expectations,” said Don Young, President and CEO of Aspen. “This addendum recognizes the commitment to our cooperative development and the additional prepayment strengthens our financial position.”
“The successful development of the product will help us to better serve the fast-growing market for high-performance insulation materials,” said Raimar Jahn, President of Performance Materials, BASF. “This innovative product will expand our portfolio in the high-performance insulation market and, together with SLENTEX®, will make our offering more competitive. The addendum will accelerate the global launch and adoption of a new class of firesafe and ultra-efficient aerogel insulation technology.”
